Don't Be Broke
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- Welcome to the "Hickok45 Talks" Channel. This channel is a place for me to just pontificate about random topics that somebody out there might find interesting. I will talk about firearms issues quite a lot, but I'll also exercise my license to talk about any topic I might pretend to know something about.
If you have a topic you'd like me to address, let me know. Doesn't mean I'll address it, but who knows, I might.
Thanks for your support, and I hope you'll subscribe to all three of our channels and keep up with all the brilliance here!!! :-)
/ @hickok45 - Our main channel.
/ @hickok45clips - Our channel where John pulls clips from our existing library of videos.
/ @hickok45talks - This channel where all material is new material where I talk about one specific topic in each relatively short video. Hope you enjoy.
Remember, I am not a financial advisor. I'm just a guy who's learned a few things from experience. Anything I talk about is strictly my own biased opinion. That pretty much goes for ANYTHING I talk about, even firearms.
Everything you say is so simple ,but so hard to explain , especially to one of your kids. I finally had to stop bailing out my son and his wife as it wasn’t helping. It hard to watch your son live pay check to pay check, especially when he is making six figures. I realized that they weren’t receptive to my advice about saving for the future and the importance of having an emergency fund. Their front porch always has plenty of Amazon packages of products that probably are more wants than needs, like a $40.00 special window cleaning cloth. He wasn’t raised that way.
At what age did you hit $100k net worth?
You should look into BTC.
It's not just an investment, it's a vote for freedom. It's a vote against government over-reach.
@frankrush3458 unfortunately the best way is to probably teach them when they're children and hope they slowly comprehend you live well within your means and focus on productive activities (and assets)
@@mitchellwest4205just need govt maintained infrastructure for it to function. Digital currency is so liberating the Fed plans to issue their own.
What's worse than saving money when you're young and healthy? Having to go to work when you're not so young and healthy.
you would think things would lean away from that rather than double down on bad ideas just cause they make one family in a pool of 20 feel good. lmao
y'all do it to yourselves them blame yourselves. its scary.
31 and CANT find shit around here; what is around here NO THANKS IM GOOD.
So they can lower interest rates, put more people into debt, artificially raise housing coasts, manipulate an election...oh, and ruin the economy...while your savings interest goes away?
@@nickm5419 have you tried carpentry, drywall, framing? Loads of money and we need more guys
How about wasting your "young and healthy" years working a shit job for nearly no pay just to never own anything.
Having money is about financial security and not having to stress about paying bills. Peace of mind is what it is all about.
Very well said!
Exactly, longevity looks boring to many but boy is it worth it when all is said and done.
Peace of mind & having money gives you many options, the best part is not having to stress or worry especially with an emergency fund in place!
The best phrase ive heard from a trusted financial guide was: “When you’re young, you need to work for your money. When you’re old, you need your money to work for you.”
There's Learning years
There's Earning years
There's Leisure years
Just turned 60, I'm not a millionaire, but I'm living with a great wife, in a calm, safe area, house is paid off, I have enough money to buy anything I need, or want, can do whatever I want, and often don't know what day of the week it is because I don't need to know. And I was "just" a truck driver. Life is good.
If I had a wife or a gf, or a fwb. I’d get drunk with her
Ok boomer
Congrats man that's awesome! You definitely made the right choices. Enjoy your retirement years! I'm 53 and looking forward to retiring in 7 years. It can't get here soon enough!
It’s never about how much you make it’s about what you do with your money. I know plenty of broke men that make 250k a year.
That's awesome. Glad it worked out for you. Unfortunately it's a lot more difficult for people starting out today. A young trucker isn't likely to end up so well even if they try to be wise, without some form of side income. Times sure have changed.
As a 28 year old I’ve worked among many old guys that never saved much, lived paycheck to paycheck, and looked miserable showing up to jobs they hated over the last 10 years. I knew at a young age I wouldn’t let that be me. House will be paid off next year. Then heavy into investments. It’s possible guys we just have to be smart.
Yeah bro but how I’m 31 as a single dad and don’t know what to do except beg for TikTok money and do my regular job outside of working out 6 days a week??
@@therumproast6721lmao
27 years old and my mortgage will be paid off in about 4 years so I’m right behind ya. I do invest into a Roth IRA but I have the same goals and I want a different life more myself, wife, and future kids. Good job buddy. Keep up the good work!
@@therumproast6721labor jobs still paying $25-39 tubby
Killin it man, I'm right behind you. 25 and the house will be paid off around 2030. I max my Roth IRA and I'm remodeling the house with the goal of adding equity as it was built in 1960. $25k and a lot of long days/nights for about $75-100k in added value.
". . .when you get old, and you will, it comes fast." Truer words never spoken. Thank you John. Time seems to speed up as we age.
I agree with everything you said except John is (Greg's) son. 😊
Don't take that "and you will" for granted, tomorrow is never guaranteed.
Indeed it does. I was reminded of how old I am getting after getting together with some high school buddies. Two of them have kids who just graduated from the same HS we went to as kids. That blew me away. Embrace and enjoy every moment. We only get a finite supply of them.
The 2nd guy spent most of his money on fast cars, fast women and booze.....the rest he wasted. 😄
Yeah, I should have read his post and then been perplexed as to what the problem was!!! :-)
wasted days and wasted nights... ...
@@anitanuthergun I have spent the last +2 years doing nothing but playing video games, and you know what? It's a hundred times better than the alternative (which is go and make a fool of my autistic self by trying to work etc).
@@Mere-Lachaiselongue just find a remote work from home job since you are good at pressin buttons.
@@Mere-Lachaiselongue Live off your mom full time? I pity that poor woman if thats the case.
My wife spends money faster than they can pump it out of the ground.
😂 poor guy you need to make a long term budget with numbers so she clearly sees you may go broke
@@dopefreshness77- She won't care if he goes broke.
@@rubicon3416she'll probably just leave and find another guy
@@rubicon3416 Why would she? Too many safety nets and incentives for whamen.
The most expensive purchase that a man can make, is deciding to get married lol
Hickock is truly the grandpa i dont know, didnt ask for and don't deserve. Im 30 and have never really had anyone to teach me about financial stuff so i really appreciate this. Saving it for later so i can always come and rewatch. Thank you hickock
Start saving NOW... compound interest is your friend.
I started at 30 I'm 62 now I'm very pleased with Ameriprise Financial's handing of my funds.
Look into Stephan Graham. He goes really in depth on saving and living a minimalist lifestyle. Might have to dig deep in his catalogue to find things about saving and investing but the information is timeless and just as good now as it was then.
The grandpa you need on the other side of the family is Dave Ramsey. He’ll get you squared away with money.
I retired at 60. Retired pilot was my primary job. I worked a lot of jobs, drove tractor trailers, haul coal, tree arborists, built my own house. Live in East, Tennessee. North of Mr Hickok. I’m 70 now, life is good!
My son just started his career in education. I advised him to save $3 a day. That’s about the cost of a 20oz coke. Put that money into a Roth IRA, S&P 500, and he would be in good shape by the time he’s 62.
$3 a day is not enough. Sure anything is better than nothing but to really get the compounding in gear it takes more than $90 a month. More like $75-100 a week to start and work up as the career progresses.
@@tewksburydriver8624 $6 a day starting at 20 will be enough by 65 investing in a S&P fund.
man you boomers have such brain dead "advice" that's so completely detached from reality it isn't even funny any more.
Lol no. That won't be enough ...
You meant $30 a day lool
I just paid off my home at 31 years old and am now completely debt free. To celebrate, I hiked my contribution to my retirement account to 15% of my gross income. I prefer earning interest rather than being charged interest.
What's the old saying...., "If I would have known I would have lived this long I would have taken better care of myself."----? Ain't that the truth.
George Burns quote.
@@GeorgeSmith-mt6ti Thank you!
I’m thankful we have Hickok45 today
The most important thing is to get out of debt. I'm 60 and a few years from Retirment. I have an IRA, but I'll be able to live mostly off social security. My IRA will be used for unexpected expenses.
Hope you enjoy that social security I'll be paying into but will never actually see myself.
@@bingbongthegong I think they'll raise the SS tax from your paycheck, raise the retirement age and probably lower the payments, but it will still be there.
@@markr9113 so pay more, get less...Got it. What a wonderful service I'm providing.
@@bingbongthegong I'm there with you brother, we won't see a dime in our time.
@@markr9113 Raise the retirement age to what? 70? 75? And lower the payments too?
Yeah, real great deal we're gonna get.
Need more of this in the gun community, so many people are obsessed with the gear. They lose sight of how valuable that 500 dollars on a plate carrier is now vs 20 years later.
Great tip for all you youngsters. I was on the wasteful path like that fellow and I met a younger friend named Sean. He had his shit together already and told me simply to hold back and make my money work for me as best I could. I was only in my 20’s then. He said his goal was to retire at 55. I wasn’t even thinking about tomorrow at that time. But I listened. I’m 55 now and I retired on my birthday. Don’t wait guys.
I’m 14 and I work with my grandma’s business. I also help my neighbors with their gardens. I try to save my money, but it’s a bit hard because I like airguns and firearms a lot, so I buy my own ammo, scopes, and airguns. But, I’ve managed to save a good bit, and I’m not touching it. My neighbors tell me to invest, and my parents and family all say to save my money. Ima trust their advice I believe god has a good plan for me.
Great advice. Sadly most aren't taught about money by their parents. I wasn't. I've learned some and have tried to pass on what I've learnt to my kids. Money means freedom. Debt is slavery. Thanks for making this video.
It's not rocket science, it's the magic of compounding. Punched out at 56 and never looked back. Good video!
I've been retired for 5years.
I'm busier now than when I was working.
I'm doing good!
Im good. Im gonna go live in a van. Im not gonna live my whole life in debt.
That's not living. That's just getting by. Find a cheap piece of land and build on it. The land will feed you.
Almost everywhere has anti-van or vehicle living ordinances. Dont let the "van life" TH-camrs fool you
27 here, you know what most old fellas I talk to regret without me asking, just from what they talk about? Not buying a house, and/or not investing.
21 here and man I'm lost. Still in the process of trying to get wheels 🚗. This world is made for rich people
A house is an investment, but when you're young there are advantages to renting. E.g.:
1. You're more mobile. You can move easily. Tell your landlord you're moving next month, turn off the utilities, and you're gone.
2. It's simple. Pay the monthly fees and other people take care of the property for you. Then you can focus more of your attention on developing your career.
3. Just on dollars alone, sometimes it pays to rent vs own, depends on where the market is at that time.
4. If you need to move, you don't get into a painful situation where the market has gone down after you bought so you owe more money on the loan than it can sell for.
On the other hand, if you're full of energy and ambition then you can spend free time doing home improvements and that improves the home's value, and it's a good learning process. And you just learn the entire economics behind home ownership, which will serve you your whole life. And long term home values go up, like everything, so once you buy a home then you're in and somewhat protected against inflation of home prices.
@@JosephJohnson-um7td It's so rough right now brother, just keep working hard and someone will notice, don't get discouraged.
I recommend you get a cheap and basic 4 cylinder car. Don't pay attention to what other people are driving. They all probably have loans on their vehicles. Chevy Cavaliers are great and easy to work on. My first job was at a Sears. I bought all of my tools with the employee discount and clearance items. I learned to work on my cars because I couldn't afford to bring them to a shop. Being able to work on your own vehicle is a valuable lifelong skill. Fast forward to today and I still do all of my own car repairs even with my well paying job. @@JosephJohnson-um7td
“Someone will notice”? If it’s not God that’s a sad way to live your life hoping another man “higher up” will notice you and make your life better. So what, maybe rich people own the world? They also can’t deal with hardship and don’t like being challenged. Take your money back. Start your own business and never be like that. Start so small you can easily afford it. We need blue collar Americans to make breathing space by having their own autonomy while it still is possible.
A friend advised me to start investing when I was 22 years old. I listened, and invested a little bit from each paycheck. I retired when I was 60, and have been retired going on 5 years. I am truly thankful for my friends advice. Retired life is great!!!
I had a similar friend, Mike is his name. He gave me a lot of good advice on investing and thankfully I wasn't too stupid to listen. I retired this spring at 63 and could have retired a couple years before that, but I liked what I did until suddenly one day I didn't.
You did that entire chat with a bear behind you!
Good advice, you're absolutely spot on. I wish I would have had a mentor in my 20s telling me this exact thing. I figured it out and I'm living much like you do, but I wish I had pulled my head out earlier.
I lived the fast party lifestyle until about 40yrs old. Im trying to play catch up now with my 401K.
I would certainly change some things i did when I was younger.
Thank you for the reinforcement Hickok45
I'm 30 and my goals are more like slowly acquire larger and larger plots of land and start doing animal husbandry/livestock production and create something that my kids can easily maintain and take over when I am ready to slow down. But I enjoy farm work and would happily do it into my 70s body willing.
One thing I’ve learned is that it is imperative to save starting in high school. Don’t save for college. Save for your future!
I like the concept of “financial independence” rather than “retirement.” I was fortunate to be able to stop working at 58, but I’m not sitting in a rocker on my porch. The freedom to do what you want without regard to how much it will pay-or if it pays at all-is a wonderful gift.
“Spending less than you make” and figuring out what you need to be content are key.
I know everyone's circumstances, needs and wants are different. I'm 63 and semi retired. The main problem is people don't want to live a simple life anymore. They want to live like they are millionaires and that's one of the reasons people can't retire at an earlier age. They have debt that they can't pay off or it'll take decades to pay off. The only reason I'm not fully retired is because I have a gun and ammo habit. If it wasn't for that, I'd be 100% retired.
All true words. I am 76 and retired for 15 years.
Please keep talking! I like these almost more than your gun content. Us young bucks need some perspective from somebody who's been around the bush a few times.
If you enjoyed wasting your life, it wasn't wasted.
I retired at 63. I did just what that first guy did, got a job that payed fairly well, lived below our means, invested the difference. You don't have to be a financial wiz, just have some patience. For us we mainly had our money in broad market index funds. We won't beat the market but we also always meet the market. Something almost all actively managed funds can't manage long term. Keep doing that for 30-40 years and let compound growth do all the hard work.
Thanks for giving us whatever knowledge you can sir, information is almost never free.
Im 24 and clean floors at a grocery store over night for $12 an hour. I make anywhere from $375-$450 a week depending on the hours they give me. My room is $300 a week, and then I have to buy gas, food, clothes, and other expenses. Barely scraping by is TOUGH. Investments are risky and I don't want to chance losing my money.
Personally, I feel people shouldn't have to rely on investments to make a decent living.
We're just kicking the can down the road. When you build an economy like this, a crash is inevitable. It is unsustainable because the vast majority aren't getting their times worth.
Plus, they have all the health issues that can come with being in the working class, from physical labor or chemical exposure.
Room is $300 a week? You live in a hotel?
I'm not expert, but it depends what you invest in. What is really "risky" is NOT having any money growing for you. Inflation eats away the value of cash.
Do some research on the growth of the S&P 500 fund or the total market over the years. The market slowly grows over the years, even though it's down some years and up some years. Overall, it moves upward, of course.
You want to be a part of that, I'd say. The sooner you get some money in there, the longer you'll have for it to grow.
Don't try to get fancy, would be MY advice. Most people who try to "get rich quick," mainly just get POOR quick.
Study Warren Buffet and his philosophy of investing. Slow growth over time is how most people end up financially independent.
@@k-dot4114 yea, an extended stay type place. Has a bed, armchair, refrigerator/freezer combo, a 2 burner cook top, sink, and bathroom. My apartment lease ended and my roommate didn't want to renew the lease. The room is cheaper monthly than the apartment would've been.
@@blazefoley5181 wow. $1,500 a month is cheaper than your half of the rent for you and your roommates old apartment?
Great life advice.
From my understanding, it's very important to start very young. I read once that someone who invested a modest amount at age 20 and didn't touch it had more at age 65 than someone who started at age 30 and continued to invest until 65. It's an exponential curve, and ideally you want to be in the steep growth phase when you're ready to stop working.
on the other hand - how much a 20 year old will have to spare?
I was 20 when tech was booming and saved a bit (barely managed to buy the last affordable house).
Most of my friends were not in tech and never saw as much disposable income as I did.
Now they are doing better but they are pushing against £1300/m rent, while I am paying down a £400/m mortgage - so they are still fked...
Time is a more powerful factor than the amount of money invested on a shorter timeline. I have told my 18 year old nephew to open a Roth IRA with some of his earnings and to diligently and consistently put away 10% of his take home pay in an index fund such as VOO or VTI and to ignore the market fluctuations and let it grow while consistently adding to it. Even a few hundred here and there adds up with compounding, reinvested dividends, and price appreciation.
I didn’t start until 29 (in Navy for 10 years) only did the 401 match from company. Did that for 12 years (added a few percent each year from raises) I had lost job and didn’t get to contribute for another 12 years. But that grew 3x in 12 years. So get as much as you
can it a 401 as soon as you can, it grows even you can’t add to it. if you loss that job roll into an IRA. If you can’t do a 401 start your own IRA you can at least put 8k a year in. I just did index funds. That being said the market is at an all time high, so money market fund maybe the safest place. Nothing like putting what you can scrape together to see decrease 30% in a few weeks. That happen to me in 2008 and 2020 but it recovered.
Never thought I'd see a video titled like this by Hickok45😂
Inflation confirmed
Amen brother no truer words were spoken 🙏 I retired when I was 48 got bored end went back to work part time.
Financial freedom is about saving money, being patient with yourself and thinking through it as you save.
Thanks for eye opener! I just paused , went to my Principal finance account and maxed out the 401k contribution to 6% deduction, and employer matches 4% 10% total.
I need to an addition do 10% in something else maybe 500 index fund
Yeah, you definitely want to take advantage of that employer match. I wish the Roth options were around when I was working for others. Now I have to pay hefty tax on those Required Minimum Distributions.
@@Hickok45Talks I see ROTH also as an optional addition on Principle. I was thinking 5% add to ROTH, 5% mutual growth fund also . Thanks 🙏 Hickok45
@Hickok45Talks I wish I had did Roth much earlier myself. I do have some in a Roth, but I sure do wish I had started it long ago.
All good advice. You must educate yourself, get a feel for the basics and if nothing else, buy an index fund and put away 15% of your income for retirement.
First time I saw a compound interest chart I didnt need any further convincing. Started at 23. I’m 38 now and will reach FI by 45. That’s WITH buying all of the toys. 😂 Biggest hurdle for young people is being able to just ignore the doomers. Remind yourself of all the crap the world has gone through and yet the market just keeps going up, so just keep padding that 401K/IRA.
Good point. Looking at what compound interest does to your investment dollar is quite an eye-opener. It's easy to just live in a "doom & gloom" state of mind and not do anything, or just hope "Big Daddy Government" will take care of everything. :-)
No, the biggest hurdle for young people is actually having any money to invest. Compound interest on a 0 or trivial principal doesn't go anywhere. When you can't afford a house and rent goes up faster than income there is no longer a way to get ahead.
@@dancooper6002 Don't worry, the rest of us will buy up property and rent it out to you.
@@DigitalApex I sincerely hope that is sarcasm and you aren't minimizing the severity of this crisis
You are absolutely right. Justify what you spend money on. There is a big difference between NEED and WANT.
As a medical student , being broke is my companion. Anyway ,I have a set goal and that still keep me going. It's a hard life currently. The path to financial freedom might be so long. Don't give up.
On the positive side, at some point down the road, you'll likely have a nice income in order to at least get yourself on the path to financial independence. Don't know if you're familiar with "The White Coat Investor" channel, but I highly recommend it. I don't recall the doctor's name, but he is very sharp when it comes to managing money.
He's a doctor himself and knows how poorly doctors are at investing. Some of his content would be more applicable to you than to me, but much of it is great for anybody with decent income.
Just something to file away in your memory bank for later maybe.
You should thank Black Knight people like him will give you future business.😂😊
Invest in Dr.Tooters Root Oil,Cannabis Carrot Vitamins.😅😊
@@mikedavis4851 scammers
How economics works and how and why to make things work for you is one of the most important things purposely not taught to the young. You either play the game or get played and make someone else rich.
My wife and I bought a 35-foot sailboat and at age 50 we moved onto it. We quit our jobs and punched out of the rat race and now travel up and down the East Coast with the seasons. We invested early and learned to live beneath our means and used the rest to build wealth for an early retirement.
FIRE: Financial Independence Retire Early
We don't have a $200,000 yacht. We bought a fantastic plastic sailboat from the 70's and it cost us about as much as a new Toyota Camry. Since we do all of our own maintenance and avoid staying in expensive marinas our costs are much less than living in a house on land. We can drop the hook just about anywhere and stay there for free.
Boomers doomed this country
Hurricane
Awesome video, love the off topic but very, extremely important content. Much needed.
Edit: Guess it's not off topic, just realized this isn't your main channel. 😂
My dad grew up in the depression. He taught me how to repair things save for the rainy day etc. during Obama days I had to sell my house because the taxes were killing me. I ate beans spaghetti anything cheap. I drove sixty miles round trip to work a day. Gas was like close to five dollars a gallon. I had to sell my house at a loss. But I found a pretty nice place closer to work. I fixed it up and when things were boming I sold that house and made a good amount of money. My son and I built my small house which got paid off in a few years. Paid my car off and and can live on my social security. Also I had been putting money in my 401K. The company would match up to 5 percent. I put in the maximum amount I was working fifty to sixty hours a week. Because when Trump was elected business was booming and my investments sky rocketed. I retired at 64. I was really lucky in a way that it all worked out in the end.
This is good advice but when you don’t have money left over to invest, you’ve been divorced, you don’t have a job that offers retirement, you drop dead at work is your retirement.
These days it’s impossible to spend less than you make. Everything is so expensive and wages are so low that most people, myself included, are barely scraping by by the skin of our teeth.
No it is not impossible. You just don't want to live beneath your means.
A lot of people are feeling the pinch, but where there is a will there is a way.
Not impossible, but certainly harder than it used to be. Corporations are indeed soulless, but can pay very well. You have the power to change your situation.
@@svbarryduckworth628 I make around $14k a year, it's literally the best i can find in my area, and despite that, I'm still looking for something else because the people i work for are sadists and psychopaths. Between my rent (the lowest I could find), and bills (I use the cheapest services available to me and use them as infrequently as possible), I have nothing left. I have to sell my blood plasma twice a week just for food and gasoline.
Don't presume to know my fucking life.
Thank you for sharing wisdom on so many different aspects of living life successfully!
You have to make your own retirement social security will not exist.
Nah, it will be there. It can't go totally broke as workers still pay into it. But they may not be able to pay what they promise. Expect less. Possibly half.
Heard this exact statement 30 years ago. SS still here but good idea to make your own wealth for sure
@@Tony-pq3xv No guarantee people will still pay in. Z gen is fed up with the system, they may get rid of it.
There’s a bear standing right behind you
Spread your knowledge, don't be sorry. We love ya.
Invest in everything, gold & silver, real-estate, stocks, guns and primers,
You're awesome Hickok, thank you for talking because people need to hear it
I hate to be "that guy" but 75% of us younger millennials, gen zrs, and gen alpha wont be able to retire.... The majority of workers in our generation ARE NOT building enough wealth to reinvest and we are being taxed for Social Security which will be drained by 2030. There is no good solutions for the social security issue that doesnt involve taxes increasing or printing more money. Then there is the issue of investing which most people dont know much about. Our retirement accounts are controlled by the fed and massive hedge funds such as Vanguard Group and Black Rock inc.
The gov wants to increase the retirement age to 70-75 as well despite the fact that life expectancy is declining for younger generations as well...
The American dream of being a prosperous middle class worker is mostly over at this point. Doesnt mean it wont return but as time passes so does our chances of being able to build up our retirement accounts since we cant rely on ponzi schemes such as Social Security
Lets not forget that the managerial classes attitude towards us average workers is "you will own nothing, live in the pod, rent everything, and eat zee bugs"
Yes, it IS more difficult now, but money is like closet space; we tend to find a way to use it ALL. Living on a little less than we make is the absolute answer. It takes so little money to invest each month when we're young to make a huge account when we're older.
Everybody should run the numbers on one of the "retirement calculators." It's pretty eye-opening.
If it wasn't for the PONZI SCHEME I wouldn't be getting a check every Month same for MILLIONS OF AMERICANS JOIN ROBBIN HOOD VOTE BLUE 😊🎉
Simple solution here, quit voting for tax and spend Democrats.
Spent alot of money on Tool's, Car's and Firearm's. Yeah I'm Broke 🤣
Just one of those can make you broke, you hit the perpetually broke trifecta. 😂
During my working years I had credit card debt. at one point I looked at my interest I owed every month....$200 per month, at that point I got unhappy with paying some one else every month. so I paid off my debt,paid off my vehicles, paid off my house and I no longer have to pay interst. I hate debt interest..but now I collect interest from the bank. I have NO interest in interest!
Imagine all the knowledge Hickock45 has dropped, then realized, "oh shoot, I'm not recording."
LOL
The key to a successful retirement is the same spouse, the same house, the same job. 40-45 years for all three. Thankfully its worked for us. Good luck.
Savings accounts for American people hardly exist.these days. Most do not even have $500 in savings. So sad
According to Tom, don't save for retirement. Spend everything on firearms training.
I would love a debate between these attitudes
Great advice, thank you for sharing.
Retirement is important but don't try to be the richest corpse in the graveyard. A friend's grandfather once said that you need to at least spend enough to enjoy your youth because when you're old you'll want to work, it makes you feel useful.
Maybe so, but I don't need to be working at a job to feel useful. I'd rather be doing things I WANT to do and not have a boss.
Don't give up.
Retirement: No time clock. No alarm clock. Start your dream job. A reporter asked Clint Eastwood when he was going to retire. His response was, "When people stop watching my movies."
Hey sir, I just wanted to say I'm a huge fan.
Another thing that people seem to forget is that they think their body will be able to work at 60 plus years old. What will you do if you physically can't work? Investing early and investing frequently are keys to avoid this horrible issue
Hickock found FIRE and HENRY
I may not be 80 yet but I am going on my 78th trip around the sun this Fall & have been fully retired for a long time by following the same plan. My first read was “The Millionaire Next Door.”
Money is a wonderful servant, and a terrible master. Like a lot of things in life, it's better to have it and not need it, than need it and not have it.
Yes, I agree. I saved and invested. I retired/financial independent at age 63. I can do anything I want or do nothing. Yes, sometimes I don't know what day of the week it is. I guess you're right, it's always Saturday.
Honestly a simple index fund portfolio or even simpler a targeted date fund if you're really hands off is the best for most people. Anything else is a lot of work and extremely likely to underperform the market. Put your effort into doing things most people can't or won't do whether it's trimming trees or being a doctor and control your 4 or 5 biggest expenses aggressively.
Hi Hickok! Thanks for those advices! We are geting old and must to pay atention how We're gonna pay ower bills! I'm a brasilian fan of yours! A nice hugs for you, Jhon and your family!
I drive a beater so I can spend my money on exercising my right
Excellent advice! Im 61 and have saved/invested since my teens.
Now suggest doing a video on health!
I would absolutely, not want to be broke!
Don Blake
Good advice
I started investing in a 401k in 2017. With some good decisions and some luck, we're already at over 100k which I hear, is the hardest. I am 42 and within the next twenty years, I will retire and the wife and I will move up into the rolling hills of the Texas panhandle, buy a good bit of land, and buy/build the last house we'll ever live in.
I am not a great saver. But the beauty of a bit of wisdom and age has allowed me to increasingly live on less than I once did. Yes, kids are expensive, but mine are long gone. My wife and I have begun to cut our living expenses and expectations. We find joy in simpler things. This will not put money into my savings, but it will help what I have last a bit longer.
I got my first job and filed my first tax return at age 15. I started investing at age 16. I was continuously employed until I retired at 53. I raised three kids to adulthood and I still help them with money. My ex wife also retired at 53.
I should have spent my money on fast cars, red meat and more guns.
I have a large investment in lead and brass. At 79 I think that is a good choice. I retired in 2006
I can relate to that, for sure, except I don't ever want to have to liquidate that in order to eat. :-)
I invest in silver. Good months I buy a lot. Rough months I buy a little, but always buy
I consider myself somewhat wealthy, I retired at 57yo and never..
...looked back. I own my large home, I drive a decent car. I can...
...indulge in any of several hobbies or travel anywhere as I wish.
Plenty of funds to last an old dude like me. Old as Hickok hisself.
You can do both.
$800 a month will have you retiring with $1M.
You can go for less if you have inheritance.
You can consider your home as an investment too.
Inheritance? Ig maybe if you are rich. Others can’t even pay for a funeral …
Excellent approach to a vitally important topic, Greg. You have a vector into a young community who may not hear this enough. On this topic of enjoyable frugality I like to recommend the book entitled “The Millionaire Next Door” by Stanley and Danko . Great show. Thanks for all your work.
Hickok45/John - Another potential topic...Hickok what is it you hope happens with the channel and or content if and when you are no longer doing it? Do you want the Hickok45 brand to continue on without you? FYI - Love the "Talks", haven't missed one yet.
You can't eat stock certificates or gold. Invest is quality property for farm and woodland. Make sure it has quality water preferably a spring. Start with fruit, nut and fuel trees. Prepare the soil for variety of crops including edible "weeds" . Study what you can and can't do. Know how to make the best use of the property. Invest in your knowledge and skills. Invest in the essential tools and supplies. In order for you to purchase survival there must be someone selling survival.
I’m 80. Knowing what I know now once children finished their education I would have been buying Silver US minted dollar rounds! The market is manipulated and everything electronic uses Silver.
Im invested in precious metals, brass lead and steel.😏
The historical performance of the market is about to get turned on its head so the old ways of investing aren't going to perform like they once did.
I’m 24 in the Air Force. I’m going to take all this info into account. Got a kid on the way and just built my first AR. Hoping to retire comfortably.
Aim high buddy
34. . .already screwed
The problem with investing as an individual and not under an employment plan is the broker will steal all your profits with fees.
Unless you just don't have any interest in learning even the basics, you don't need a broker. That's almost an "old school" thing these days. Set up a brokerage account at Schwab or Fidelity. It's simple. I set up an account with TD Ameritrade, which is now Schwab, a quarter century ago, even when I was still working and had a 403B account at work.
I've used Schwab, Fidelity, and Vanguard, all three, but I prefer Fidelity.
Yep, fees really add up, more than most realize. 1% doesn't sound like much, but it amounts to a great deal of money over time.
I go mostly for low-cost index funds / ETF's or you could invest in individual companies if you want, but be sure you know what you're doing. The only individual company I invest in is Berkshire-Hathaway, which itself is more like a well-managed fund.
I am not a financial advisor, by the way. :-)
This is a great video to make people aware of what they aren't taught in school these days. Im 25, a local truck driver. I just started my 401k one year ago. I only have 10k in it so far, not much but a start. It's a really good feeling to see it grow and think about what it will be when im 60. And I plan on maxing out my roth ira with my bonus/tax return every year from here on out. And Im almost 100% debt free besides my house.
If you're young, try to invest 10% or 15% of your income. Why let a small sacrifice now take away from your early retirement.
Boy it's nice to watch a good commonsense video for a change. I'm 74 and have been happily retired for 11 years. I do work a part time job to stay active and have some mad money but I can work as much or as little as I want. We are all different and have different lifestyles, do what works for you. My philosophy has always been "live for today but plan for tomorrow ". Have a wonderful day Everyone and thank you Hickok 45.
Been saving in the market since I was 25. Ten years in and its looking like we can retire in our 50's if things hold up. I'd imagine there will be some bumps in the road but doing our best living modestly and staying course.